Why Stocks Have Been Rebounding

After a very choppy and rough ride from the end of May through the end of June, the stock market appears to finding its legs. The pullback, at this point, was limited to about 6% from peak-to-trough and the market had a nice rebound last week.

Today's report gives the latest updates on sentiment, valuation and the technical condition of the market. Our view hasn't changed. We have been in the pullback camp for a couple of months and...